Global Portfolio Construction with Emphasis on Conflicting Corporate Strategies to Maximize Stockholder Wealth

32 Pages Posted: 9 Dec 2016

See all articles by John Guerard

John Guerard

McKinley Capital Management, LLC

Harry Markowitz

McKinley Capital Management, LLC

Ganlin Xu

McKinley Capital Management, LLC

Ziwei Wang

McKinley Capital Management, LLC

Date Written: September 2016

Abstract

This study addresses stock selection modeling and portfolio construction and implementation in global and U.S. markets in the context of multi-objectives optimization framework. We will show how forecasted earnings acceleration factors can enhance returns in global and U.S. stock markets. We construct Markowitz portfolios for Global and U.S. domestic Markets that offer superior returns-to-risk ratios, relative to domestic portfolios. We show how stock repurchases and corporate exports can be estimated and implemented as the third objective to generate statistically significant excess returns in global and U.S. stock markets. It is particularly interesting to note the conflicting corporate strategies’ impacts on stockholder wealth.

Suggested Citation

Guerard, John and Markowitz, Harry and Xu, Ganlin and Wang, Ziwei, Global Portfolio Construction with Emphasis on Conflicting Corporate Strategies to Maximize Stockholder Wealth (September 2016). Available at SSRN: https://ssrn.com/abstract=2882260 or http://dx.doi.org/10.2139/ssrn.2882260

John Guerard (Contact Author)

McKinley Capital Management, LLC ( email )

3301 C St # 500
Anchorage, AK 99503
United States

Harry Markowitz

McKinley Capital Management, LLC ( email )

3301 C St # 500
Anchorage, AK 99503
United States

Ganlin Xu

McKinley Capital Management, LLC ( email )

3301 C St # 500
Anchorage, AK 99503
United States

Ziwei Wang

McKinley Capital Management, LLC

3301 C St # 500
Anchorage, AK 99503
United States

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